Airtel Money sets IPO price at £1.96, listing today in London

LONDON - Airtel Mobile Commerce N.V. has finalized its initial public offering (IPO) with a share price of £1.96 on the London Stock Exchange. The market capitalization of the company is estimated at £5.3 billion. The offering includes 270 million existing shares sold by minority shareholders, and an additional 27 million shares from Mastercard Asia/Pacific PTE. LTD. through an over-allotment option. The total offer size is £582 million, which accounts for about 11 percent of the company's share capital at admission.

International Finance Corporation held a stake in the company, purchasing 34.3 million shares or £67.2 million under its investment agreement. Of the total shares sold, 8 million were allocated to retail investors in the United Kingdom through a retail offer. Upon admission, the company's issued share capital will total 2.7 billion shares.

The IPO will commence at 8:00 a.m. on October 14 under the ticker AMC on the London Stock Exchange's Main Market. The company, its directors, and selling shareholders are subject to lock-up arrangements, with a 180-day restriction period for the company and selling shareholders, and a 365-day lock-up period for directors.

Airtel Money, the entity conducting the IPO, provides mobile financial services across Africa. Citigroup Global Markets Limited served as the sole sponsor and lead global coordinator, while Barclays, BofA Securities, Goldman Sachs, and J.P. Morgan acted as joint global coordinators. The article is based on a press release statement from the company and reviewed by an editor.